Authorizes the Public Service Commission to review and approve development proposals submitted by individuals to establish offshore wind projects between 10 and 30 miles off the coast of Maryland (Sec. 1).

Prohibits the Public Service Commission from approving the application of a proposed offshore wind project unless the project meets certain criteria including, but not limited to, the following (Sec. 1):

The projected net rate increase for an average residential customer does not exceed $1.50 per month;

The projected net rate increase for an average non-residential customer does not exceed 1.5 percent of the customer's total annual electric bills; and

The proposed price of the renewable energy credit does not exceed $190 per megawatt-hour.

Requires approved offshore wind projects to deposit the following amounts into the Maryland Offshore Wind Business Development Fund (Sec. 1):

$2 million within 60 days after the application is approved;

$2 million within 1 year after the initial deposit; and

$2 million within 2 years after the initial deposit.

Requires qualified offshore wind projects to pass along to customers at least 80 percent of the value of any state or federal grants, rebates, tax credits, loan guarantees, or other similar benefits (Sec. 1).

Amends the state's renewable energy portfolio standard to include 2.5 percent from offshore wind energy beginning in 2017, whereas existing law did not include energy from offshore wind projects in the renewable portfolio standard (Sec. 1).

Requires each electricity supplier to purchase the number of ORECs required to satisfy the offshore wind energy component of the state's renewable energy portfolio standard (Sec. 1).

Limits the amount of retail electricity sales that may be applied to the state's renewable energy portfolio standard to no more than 75 million kilowatt-hours of industrial process load per customer and no more than 3,000 kilowatt-hours of electricity per month to an agricultural landowner (Sec. 1).